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Good that we are finally starting to prioritize and monetise some of the assets. Good news.

Just been thinking about the farm outs and delays. Think, many including myself, are working on the basis that the Major is waiting to find out the results of the Iolar well before committing. Something about this does not make sense to me.

We declared Inshinkea our flagship project. Presumably, we knew about the upcoming Iolar well back in November. Why would we not have just split the farm-ins into two contracts - one for Inshinkea and a completely separate contract for the other two? Can't fathom why this wouldn't have been the better approach all round. Would be interested to hear some thoughts on this.

As an aside, we may have movement on Iolar results but I suspect, irrespective of the result, there may not be a decision until the site surveys have been signed off (given the previous doubts about regulatory/political situation)

Agreed that definitely not a coincidence. Suspect Michinoko wanting out / or some of the assets.

I don't buy the GC retirement argument. Why not retire and remain invested until best time to sell?

Really surprised this isn't moving up more on the gold news and media attention. Any ideas what's weighing on the share price?

Are there any tax or similar advantages for a cash/shares combo?

Often a case of what is not said rather than what is.

No mention at all of Iolar, nor the delay with the site survey. He did say farm outs would be resolved 'one way or another' in September. I think our major clearly waiting on Iolar result.

Perhaps, if this fall's through they then have others who might take on Inishkea standalone.

Who's got the link to track position of icemax(?) drilling rig!?

Anyone remember seeing a declaration from Michinoko. I thought all major holders had to decare their positions?

Think I read somewhere that anyone with an interest over 1% has 10 days to declare their holdings. Might be wrong on this but if correct then means we can expect more declarations and see who's been buying.

Anyone know whether directors can buy during this period. We're not waiting on any news re drills now. Would seem a bit unfair if a hostile can accumulate during the sale process while directors can't. Some beefy director buys at top price would really spur things on.

in any case think all interests have to be declared by this coming Friday so should have a good idea where all the players stand by then.

Does not reflect well on ONGC. How on earth can an org of their size not already have a standing contact with a law firm. The mind boggles

I have also considered the situation re Oxy and Andarko concerned that they might be overstretched. Also why farm in and then 6 months later buy out when seemingly nothing has changed - an update on seismic wouldn't go amiss. Has it started yet?

Having said that Oxy are selling down assets elsewhere so the Andarko stuff looks to be part of a broader realignment of strategy and Colombia does seem to fit the bill.

That's my reading of it. They must know that the price has been pushed down over the past period and that this will continue. Therefore they deploy their own people to counter this downward pressure.

Battle of the algorithms until they agree on the side what's acceptable.

From the FIL submission today looks like this is a hostile attempt and that they have been pushing price down purposely over the past 6 months. Many have speculated that an ii or other would push the price down ahead of possible t/o attempt and that the way to address this would've been to undertake a buy back.

Will be interesting to see how this plays out now. Is the proposed sale all part of a master plan or is it a defensive action? How long have the BoD known about this - they must have had an inkling at the agm and with the share price action. also interesting that GC selling down/exiting some of his other interests.

I sincerely hope the board act in the interests of shareholders and are able to get the best possible price going forward. Would be a terrible shame if we are taken out for a lowball figure

Best bit of news eog have had for a long long time. Bring on Morroco and the approvals for the field surveys.

We should be back up into the 4s on the back of this news

Excellent news!

That was money message. Not longer message

Autocorrect

Further updates on Twitter suggest gov. Is formalising the longer message in response to the climate bill.

From journo at Sunday business post..

Cabinet approves submitting of reasoned response to Brid Smith Td to explain why it is using a money message to block her bill banning further offshore exploration for oil and gas. She has been very critical of this.

Very interesting. I find it perplexing why that area to the north east of indico wasn't the first area they went for. Must be some local logistical or geographic reason why not.

Thanks for sharing the tender doc. Very interesting. Some key points from it. Is for minimum 3 locations in CPO5 (page 62) - pads and associates access roads and infrastructure. Does indicate a map is provided so with some further investigation could hazard a guess for which prospects (around Indico or up to NE or down to SE - Aguila already covered by a separate tender).

Page 56 indicates that will be for HP2000 drilling rig - is this the same one currently being used?? Also indicated on p56 that each pad should be designed for a minimum of 6 boreholes.

Interesting stuff!

Another week or so then we should be set up for a better period of news. Irish parliament ends on the 7th July for 3 months. This takes away immediate risk re climate bill (think this has been blocked by the 'money message', but still in terms of sentiment means people can come in short term knowing this risk is totally discounted). We have news on Morroco, Irish surveys and Iolar drill. I'd expect us to move up on the back of the above.